Ep. 8: Breaking Through the Challenges of Banking for Cannabis Regulated Businesses

In this episode of 'Under the Microscope,' host Jenny Germano discusses the nuances of banking for Cannabis Regulated Businesses (CRBs) with Erin O'Donnell and Michael Beird from the Association for Cannabis Banking. This episode explores the history, challenges, and future of cannabis banking. Learn about federal restrictions, compliance requirements, and the tiered risk system designed to manage these CRB’s. Discover practical advice for cannabis operators and hear why education and compliance are crucial for bridging the gap between bankers and cannabis professionals. Don’t miss this brass tacks discussion packed with expert knowledge and industry specific guidance.

 

👉 Visit Jenny's website: https://www.icsconsultingservice.com

 

📢 Our Guest Info: Founders Erin O'Donnell and Michael Beird 

Association for Cannabis Banking

 

✨New Book: Cannabis Banking: Legal Frameworks and Practical Solutions for Cultivating Compliance

 

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Timestamps:

00:00 Introduction and Host Background
00:43 Guest Introductions and Backgrounds
03:51 Challenges in Cannabis Banking
04:25 Federal Restrictions and Their Impact
07:06 Current Financial Institutions Serving Cannabis
11:36 Banking Regulations and Compliance
15:15 Understanding FinCEN Guidelines
24:20 Risk Levels in Cannabis Banking
27:36 Understanding Revenue Streams in Cannabis Banking
27:56 Compliance Risks for Banks in Cannabis Industry
32:11 Suspicious Activity Reports (SARs) Explained
36:35 Challenges and Solutions in Cannabis Banking
38:52 CRB Fees and Compliance Costs in Cannabis Banking
43:59 Tips for Cannabis Operators Seeking Banking Services
49:12 Educational Resources and Wrap Up